The Federal Government has announced plans to register and tax foreigners earning income in the country. This move is part of the proposed amendment to the National Identity Management Commission (NIMC) Bill, 2024, approved by the Federal Executive Council (FEC).
According to Mr. Bayo Onanuga, Special Adviser to the President, Information and Strategy, the bill will require everyone living in Nigeria, including foreigners, to be registered and given a tax identity. This means that foreigners earning income in Nigeria will now be taxed and come under the country’s tax structure.
The Economic Stabilisation Bills, aimed at improving the overall economic environment, include several key provisions. These include amendments to the Foreign Exchange Act, Companies Income Tax Act, Fiscal Responsibility Act, and the Tertiary Education Trust Fund Amendment Bill 2024.
Additionally, the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) will now charge fees, levies, and fines in Naira at the applicable exchange rate, rather than in dollars. This move aims to emphasize the use of the national currency and reduce dollarization in the economy.
